POSTED: Friday May 1st 2009

Madrid Government guarantees full €872 million for Olympic Village in 2016

Madrid has 77% of its infrastructure already complete

Madrid, 1 May 2009 - The Government of Madrid is turning the city’s dream of hosting the 2016 Games into a reality by guaranteeing the full budget to build the Olympic Village should Madrid be chosen as host city.
The International Olympic Committee (IOC) stipulates that cities bidding to host the 2016 Games obtain financial commitments from national and regional or local governments to cover any shortfall the OCOG may have.  The IOC also requires commitment to undertake and finance the necessary infrastructure developments.
As Madrid has 77% of its infrastructure already complete, it can go further towards making the 2016 Games a reality by guaranteeing the €871.9 million needed to construct the Olympic Village, one of the most important elements of staging a successful Games.  
In order to avoid the impact of external factors, the Government of Madrid, headed by Mayor Ruiz-Gallardón, has opted to process a fund of €100 million this year and another €100 million in 2010. 
From 2011, ground works will begin to prepare the site.  Between 2011 and 2015 when the permanent elements of the project are completed, the remaining finances will be gathered.  The work will be finished with temporary structures, which will be financed directly by the Organising Committee of the Olympic Games (OCOG).
The Olympic Village site is owned by the local authorities of Madrid and therefore no additional funds are needed to acquire the land.
The Olympic Village will be well connected to Madrid’s city centre and the rest of the Olympic venues through an adjacent motorway, bus links and the convenient city Metro.  It was designed by architects and athletes and based on a philosophy of a compact Mediterranean town.
After the Games, the Village will provide the city with a much needed urban residential area providing social housing for rental, with 15% of the accommodation reserved for Spanish athletes.      


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Keywords · Madrid 2016 · Olympic bid · IOC

Name: Malcom Munro
Organization: Madrid 2016 Olympic Bid
Phone: +44 (0) 7795 013006

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